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IDFC First Financial institution on Thursday mentioned it has raised Rs 3,200 crore by promoting fairness shares to 6 insurance coverage corporations, together with LIC and HDFC Life.
In a regulatory submitting, IDFC First Financial institution knowledgeable that an authorised committee of the board of administrators authorized the allotment of greater than 39.68 crore shares for Rs 80.63 per scrip, “aggregating to Rs 3,200 crore”.
The names of the six corporations to whom shares have been allotted are Life Insurance coverage Company of India, HDFC Life Insurance coverage Firm, Aditya Birla Solar Life Insurance coverage Firm, Bajaj Allianz Life Insurance coverage Firm, ICICI Lombard Basic Insurance coverage Firm and SBI Basic Insurance coverage Firm.
On Could 30 and June 28, the lender’s board authorized the problem and allotment of shares by way of preferential points on a personal placement foundation.
Greater than 18.6 crore shares have been allotted to LIC. In consequence, LIC stake in IDFC First Financial institution has elevated to 2.68 per cent.
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